Brendan White

Brendan White, BOQ’s Group Executive for Business Banking, Agribusiness and Financial Markets, said the acquisition will both grow and diversify BOQ’s banking footprint.

“This acquisition expands our business banking offering; delivering a leading position in the highly-valued professional banking market,” Mr White said.

“Our collaboration over recent months has highlighted the potential synergies available to our businesses as well as the extent of the cultural alignment and shared commitment to client service.”

BOQ Specialist was today unveiled as the new name for the Investec Professional Finance business, reinforcing its commitment to niche professional segments such as medical, accounting and financial adviser clients, as well as the new opportunities that may emerge by partnering with BOQ.

BOQ Specialist marked the move to BOQ by announcing they will soon be launching a new product – a specialised mortgage complete with an offset account, credit card and other tailored features.

CEO of BOQ Specialist, Barry Lanesman said the move to BOQ was an exciting evolution for the Investec Professional Finance business with the new mortgage product demonstrating the advantages of working closely with a recognised bank with the scale of BOQ.

“Our established banking infrastructure and specialist expertise combined with BOQ’s increased scale and banking experience puts us in a strong position to expand our proposition and significantly grow our business by providing a comprehensive offering for our clients,” Mr Lanesman said.

“Our experienced team, our approach and our commitment to growing long term relationships remains unchanged. We are a recognised leader in the medical, dental and accounting professions and will continue to focus on our specialist niches.”

The Asset Finance & Leasing business will merge with the existing BOQ Finance team.

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Investec says the completion of the sale of its Private Banking business marks a significant milestone for its Australian operation and it will now be able to focus on delivering solutions for corporate, institutional and Government clients across its core niches.

Investec Australia Limited (IAL) today becomes the new Australian entity for the Investec Group after Bank of Queensland acquired Investec Bank (Australia) Limited (“IBAL”) on the 31^st July 2014. IBAL was acquired in order to facilitate the transfer of the Professional Finance and Asset Finance & Leasing businesses.

Investec has transformed its business in Australia to focus on its core specialist niches of Corporate Advisory; Aviation Finance; Resource Finance; Infrastructure Finance and Investment; Corporate & Acquisition Finance; Financial Markets; and Property.

Milton Samios of Investec Australia said: “Our commitment to our Corporate, Institutional and Government clients remains unchanged and IAL is now better positioned to offer clients access to the larger balance sheet and global capabilities of the broader Investec Group”.

Mr. Samios noted a range of recent high profile transactions that demonstrated Investec’s breadth of expertise and reinforced the ongoing strength of the business.

“In recent months Investec has advised PAS and SCA on their listing; and recently advised the shareholders of Ingeus on the sale of their business to Providence Service Corporation; provided acquisition facilities to Northern Star and Troy Resources; launched a new aircraft leasing business; and announced a partnership with the South Australian Government to deliver a unique affordable housing solution in Adelaide.”

Investec has three principal markets – South Africa, UK and Australia – along with offices throughout Asia, Europe and the US.

Investec retains a strong presence in Australia with over 100 staff in Sydney, Melbourne, Brisbane, and Adelaide.

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Graeme Katz

Investec Australia Property Fund (“IAPF” or the “Fund”) has announced the Fund’s third acquisition since listing late in 2013, with the purchase of an office development newly completed in July 2014, strategically situated in Brisbane for $65.5 million.

The acquisition will take the portfolio to $250 million post the completion of the transaction, representing asset growth of 86% since listing.

The property, situated at 757 Ann Street in the Fortitude Valley area adjacent the Brisbane CBD, provides 10 levels of office space with a retail component on the ground floor and is fully leased, generating income underpinned by high quality tenants. It benefits from excellent road access to the CBD and Brisbane Airport and is well served by various public transport options. The area is characterised by newer office buildings, significant newly developed high-density residential accommodation and good quality restaurants and cafes.

IAPF CEO Graeme Katz said: “This major addition to the Fund is a value accretive transaction secured on attractive terms representing an initial yield of 8.35%. It aligns well with our aim to grow the asset base byinvesting in high-quality properties situated in key metropolitan areas. We are pleased with this third excellent opportunity identified in the 10 months since listing which has enabled us to effectively deploy capital towards income enhancing transactions.”

The property is let to major tenants including a 10 year lease with Ventyx (a subsidiary of the $52 billion NYSE-listed ABB Group) for 60% of the office space, a 5 year lease with Corporate House Services (“CHS”) for 20% of the office space (CHS provides an efficient alternative to traditional office spaces for small to medium users by offering potential tenants ready-to-go workspaces with complimentary support services) and the remaining space let to a related party of the vendor, SIP Australia, supported by a cash backed guarantee for the full 5 year lease period. These medium to long term leases include a contracted annual rental growth of a minimum of 3% and represent a weighted average lease expiry of 7.54 years.

The purchase of Ann Street is another off-market transaction identified and secured through the strength of the Investec Property network in Australia.

The effective date of the acquisition is expected to be before the end of October 2014, subject to the fulfilment of related conditions, including the completion of due diligence, commencement of all leases, regulatory and unitholder approval for the acquisition and the execution of the proposed rights offer.

On completion, the portfolio will comprise six industrial and five office properties; all located in established commercial precincts within major metropolitan areas.

IAPF was listed on the JSE in October 2013 under the Real Estate Holdings and Development sector and allows South African investors access to the Australian property market.

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Specialist bank Investec Australia is ramping up its holistic banking offer to financial planners, offering 100,000 Qantas Points to new credit card clients who are approved for an Investec Signature Card during the month of July and spend over $15,000 within 3 months.

For clients who take out a Platinum credit card in July, Investec are offering 50,000 Qantas Points if they spend $5,000 or more within 3 month.

The new credit card offer forms part of Investec’s suite of exclusive personal banking offers for financial advisers, following the announcement earlier this year of discount mortgage rates specifically for IFAs.

Investec Australia’s Head of Adviser Services, Gareth Bird, said the credit card offer cemented the bank’s commitment to providing advisers with tailored personal banking solutions designed specifically for this market.

“Our pedigree as a specialist lender puts us in the perfect position to offer more flexible, responsive banking offerings to advisers. We see the credit card offer as a natural extension of that, rewarding our adviser clients with a unique personal banking experience they may not get from their usual lender,” he said.

The announcement also follows the news in early April that Investec’s Professional Finance business has been acquired by BOQ. Mr Bird said the sale would provide further opportunities for the bank to offer new and innovative personal banking products for advisers.

“The Bank of Queensland acquisition provides the ideal infrastructure and balance sheet for us to broaden the scope of our banking offering to advisers, and we expect to offer a broader range of banking products and services in the near future,” he said.

In addition to preferential home loan rates, Investec Australia offers a number of bespoke personal banking solutions for the adviser market including LMI-free mortgage options, commercial property lending for SMSFs, and vehicle finance.

“As experts in this space we have been able to tailor a number of banking products specifically for advisers,” Mr Bird said. “Our six year history of working closely with adviser clients has given us the specialist insight to be able to build a banking offering for advisers themselves.”

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Specialist bank Investec Australia has reduced the interest rates on its tailored home loan offering for financial advisers.

Advisers will now be able to access home loan packages from as low as 4.54% p.a. for two-year fixed rates* (4.79% p.a. comparison rate**), and 4.79% for variable rate loans* (4.84% p.a. comparison rate**).

The new interest rate offer follows an announcement by the bank late last year that it would actively target its existing network of independent financial adviser firms as well as the broader adviser services market, offering bespoke personal banking solutions including LMI-free mortgage options, commercial property lending for SMSFs, and vehicle finance.

Investec Australia’s Head of Adviser Services, Gareth Bird, said the rates reduction reflected the bank’s continuing commitment to provide advisers with flexible, responsive banking offerings designed exclusively for this market.

“Our position as a specialist lender allows us to partner with advisers in a way that very few others in the market are able to. We’re pleased to be able to add preferential home loan rates to that offering, and extend even further the range of tailored products we provide to professional IFAs,” he said.

The reduced rates available to IFAs also present an attractive offering given market conjecture that official Reserve Bank interest rates are unlikely to move lower than their current level. The RBA has held rates at 2.5% since August 2013, and economists are predicting a rise in the medium term, creating an opportunity for advisers to lock in a great value deal.

“As experts in this space we have been able to tailor a home loan offer specifically for advisers”, he said.

Mr Bird said the adviser services team would continue to innovate when it came to offering competitive banking solutions for advisers.

“Over the past six years we have worked closely with the client’s of advisers, and are now in the process of broadening our offering to include personalised lending designed for the advisers themselves,” he said.

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Investec offering bespoke personal banking offering for financial advisers.

Specialist Bank Investec Australia has broadened its position in catering to niche professional clients with the rollout of a bespoke personal banking offering for financial advisers.

Investec Australia currently works with around 250 independent financial advice firms nationally, managing approximately $750 million of their client funds. To build on this strong adviser presence, the bank is now actively seeking to specifically provide financial solutions for advisers themselves.

According to Investec Australia’s head of IFA distribution, Gareth Bird, the focus on financial advisers will incorporate flexible lending practices similar to those offered to other niche market segments such as medical, dental and accounting practitioners.

“Financial advisers are a unique group of clients with a distinct set of banking requirements. The ability to offer a bespoke range of products to this market segment follows many years of working alongside them and their clients, so we’re already familiar with their financial needs.

“To date, there have been very few banking solutions developed to specifically help financial advisers effectively and efficiently manage their own personal finances. We have a strong track record in providing bespoke solutions across professional services and by understanding specific needs of financial advisers we are able to provide niche banking services in one convenient bundle,” he said.

Investec Australia is now offering financial advisers the following products:

• Residential mortgages and investment property – including the ability to borrow up to 90% for residential and 85% for investment loans with no Lenders Mortgage Insurance, and up to 70% LVR for commercial property within a SMSF
• Car loans – including finance available for new or used vehicles and the ability to use an Investec credit card to buy a new car and earn Qantas Points on the purchase as well as rolling the expense into a fixed term contract with Investec and earn more Qantas Points on the monthly repayments.
• Premium credit cards, including Visa Signature and Platinum credit cards – including no cap on how many Qantas Points can be earned and complimentary travel insurance
• Investec One Account provides an unparalleled bundled offer incorporating a high interest savings account, an optional overdraft facility up to $30,000, a debit card, online and mobile banking functionality, and around-the-clock personalised service.
• Foreign exchange expertise – including access to experts who can help with conversions, overseas transfers and quotes on live exchange rates, same day transfers with no minimum value, competitive rates, and access to currency deposits in USD, EUR, JPY and GBP
• Competitive savings account – including a range of term deposits which have been awarded
• ‘Best Value Term Deposit’ 2012 and 2013 by Canstar, commended for it’s high interest, flexibility and innovative features

Mr Bird said the move by Investec Australia to offer financial advisers a tailored personal banking service which is out of the ordinary, is designed to provide a more responsive and flexible offering than major financial institutions.

“In their own dealings with clients, financial advisers strive to give a streamlined process with exceptional client service. We now have the capability to offer this value proposition to the advisers themselves, who – by virtue of their own knowledge and experience – seek financial solutions that are tailored, relevant and competitive,” he said.

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